Articles Tagged with lawyer

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As businesses open up, there is a risk of continued spread of COVID-19 in shopping areas, offices, and other commercial properties. As such, there may be cause for lawsuits involving illness contracted on businesses’ properties in the future. How viable these lawsuits will be is still unclear, but there will likely be cases where individuals can recover damages.

Property Owners’ Duty of Care and Coronavirus

The CDC and other organizations are constantly recommending new preventive measures to stall the spread of the virus, including guidelines for business owners. Given that property owners and managers have a duty to help make sure those who visit their properties are safe from harm, failing to follow those guidelines may pose a risk to their customers, tenants, and so forth.

Whether you run a community association for condominium owners, homeowners, or commercial owners, it’s vital to know how to keep within the bounds of both your agreements and the various laws that pertain to your organization. There are various fields of law at play here, including real estate, corporate governance, contract writing, and more.

To successfully manage your community association, consider these five tips.

1. Be Clear on Restrictions and Requirements

Most businesses derive a great deal of value from their intellectual property. As such, when someone infringes upon your IP rights, it’s important to be able to defend them. However, that doesn’t always require a lawsuit. IP litigation can be expensive, so alternative dispute resolution methods are often preferred.

Following are a few ways to quickly resolve an IP dispute without resorting to litigation.

Letter of Demand

If your property tax bill seems too high, you may wonder if there’s anything you can do to lower it. One option is to challenge your property tax assessment, but that’s only effective in certain situations, particularly given how these taxes are calculated in Illinois. In this article, we’ll discuss how to decide whether you should challenge your property’s tax assessment.

How Property Taxes Are Determined

Before diving into whether you should challenge the tax assessment on your home, it helps to first understand how your taxes are calculated. In Illinois, a property’s taxable value is determined by an assessor from your county or township.

When you file a personal injury claim, you’ll likely encounter a myriad of terms and concepts that may not be completely familiar to you. Following are some terms you’ll likely hear as you go about seeking compensation for your injuries.

Who’s Who in Your Personal Injury Case

There are two main parties in a personal injury case: the plaintiff, and the defendant. Each will have attorneys working with them.

When a property owner fails to pay property taxes, the county in which the property is located creates a lien on it for the amount owed. Tax liens are sold in order to recoup losses from unpaid taxes, and the buyers of those liens get the benefit of investing in a piece of real estate.

What Is a Property Tax Lien?

A property tax lien is a claim on a piece of property for an amount owed in unpaid taxes. It is generated when the owner fails to pay their property taxes, and the lien itself may be sold to the highest bidder to recover that amount.

The amount of commitment involved in a business acquisition is substantial, and it’s important to know what you’re getting yourself into in advance. Thorough due diligence is vital, but at the same time, it needs to be focused on information that’s relevant to the transaction. Anything beyond that is ultimately a waste that could prevent the transaction from ever closing.

Here, we’ll discuss the most important information to ask for prior to completing a business acquisition.

Company Information

A will can be a valuable component of any estate plan since it helps expedite the probate process. By making your last wishes known, you’ll make it easier for the court to make sure your property is divided appropriately. However, there are some items that really don’t belong on your will, either because they’d complicate the disposition of your estate or because it’s simply unnecessary to mention them.

Here, we’ll look at a number of items that you typically should not put on your will.

Anything with a Named Beneficiary

Owning a multifamily rental property can be a profitable investment, but it also presents a significant liability if it’s mismanaged. It’s important to adhere to all applicable laws, including those pertaining to the rights of your tenants. By following best practices, you can not only protect yourself from losing lawsuits, but avoid most of them entirely.

1. Set Up Recordkeeping from the Start

First of all, it’s important to keep thorough records on the financial and practical aspects of your property. Some of the documents that either you or a designated property manager should keep up to date include:

High-risk transactions often require the use of paymaster and escrow services. People often have questions about escrow and related services, the most common of which will be addressed here.

Who Pays Escrow Fees?

When it comes to escrow fees, there is no set rule or law that dictates who should pay them. As such, it ultimately comes down to the terms of the purchase contract. Often, escrow fees are split evenly between the buyer and the seller, but there may be instances where one party may be able to negotiate for having the other party pay them in full.

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